LONDON (5/17/13)--Camilla, the Duchess of Cornwall, has applied for membership at London Mutual CU in Peckham, England.
It will be the first credit union she has joined, although she has visited five credit unions in England and Scotland since 2010. She is eligible as a resident of Westminster (The Telegraph May 15).
A spokeswoman at Clarence House said the Duchess, who is married to Prince Charles, wanted to join the credit union to show her support of the credit union's bid to tackle payday lenders.
Last year, LMCU became the first British credit union to offer short term payday-loan alternatives. It offers short term loans at 28.6% annual percentage rate (APR), compared with other payday lenders who charge 4,000% APR. During its 12-month pilot, LMCU received 6,087 applications, with loans averaging nearly $363 (in U.S. dollars).
The credit union said it is attracting 250 new members a month. It plans to share its technology with other credit unions across the country, said The Telegraph.
A year ago, News Now reported on the Duchess' visit at Capital CU in Edinburgh,Scotland, where she praised credit unions' work to increase financial inclusion (serve the unbanked) and money management skills in disadvantaged communities (News Now May 14, 2012).